Blockchain technology has enabled higher level of transparency to financial transactions that was once unimaginable.
Fremont, CA: Fintech is a combination of finance and technology. As technology continues to evolve at an exponential rate, the fintech sector is close behind.To date, claims of technological disruption have been centred on changes at the level of customer interaction, such as digital user interface, digital account applications, and more . The year 2021 promises to be the "year of the value chain" for the fintech sector.
Let us take a look at some of the trends that are going to shape the fintech sector in 2021.
Robotic Process Automation (RPA)
RPA is a process that uses robots and advanced technology to perform tasks that have otherwise been performed by humans. In 2021, we will see more organisations adopting RPA to carry out different back-end tasks such as security checks, customer on-boarding, account maintenance & closing, trial balances, credit card processing and mortgage processing, among others. RPA allows fintech organisations to effectively manage the mundane yet necessary tasks, freeing up human resources for other important tasks such as customer service.
Blockchain technology has enabled higher level of transparency to financial transactions that was once unimaginable. Transactions have become much safer since blockchain technology came into the picture and this has enabled customers to trust the fintech companies that have this technology in place.
AI and ML
Artificial Intelligence (AI) and Machine Learning (ML) are unstoppable. According to studies, AI technology will reduce the operational costs of Fintech organisations by 22 percent by 2030.
AI can also play a huge role in bringing cybercrime under control by identifying financial fraud and threats. It can also enhance customer experience as it can easily record all interactions between customers and the organisation and call on the stored data to provide just the right deals to individual customers.